Newspaper Page Text
" THE SUNDAY AMERICAN'S FINANCIAL AND BUSINESS PAGE
. Aise of More Than $lB Bale Adds Millions to
Wealth of South—Trade in Wild Sceramble for
Both Futures and Spots—Factors Bullish.
By VICTOR BARRON.
HIE South was made richer l:y'xl.\ own, this section can now take on
T several million dollars last \\m-k“"’ more h”l"‘“l'l look ””i_'?‘”‘”'\‘ f'.‘”
by one of the most glorious |\|;|:| 13:If':l,.ll"\ ;I’.‘«',:‘l:‘f.'i\\\’ F‘-\),\“(‘.h'ay\, .\'::I{;Sl
victories the bullish contingent has| goes ,’fi.“,“' the {.“”n;‘[\,vn
e . WOR In months, IDEMAND PERSISTENT.
P On the whole, ltl
P N was a regular old
e fashioned, up-
BSt e roaring market,
B e T with the white of
e 1 S the Dbear's eyes
L R@l Dulging out like
e RTR two goose eggs 381
T, 5 .l the result of a se
( 5‘,::;';5;: 3* @ vere drubbing.
{:fi-;_55-5:5;:;\‘;55:;_;':" = B And Southern spot
m holders were lib-
LR &Wi Mgerally rewarded
g R for the patience
s.aE 11 courage they
R, have shown dur-i
e 8 inc the last few
AR months—just as [
T ¥ repeatedly stated
3 g &4 in these columns
RSOOSR DOO N wou[d come ‘.O;
them if they stood pat. |
Before commenting further I want
to warn spot holders against turning
loose TOO FAST. A continuance of
the holding movement still IS NEC-|
ESSARY, but a slow marketing of‘
the staple now on hand can be done
without seriously interrupting the\
upward movement—that is, if hold
ers regard present levels satisfac-|
tory. Nevertheless, methinks the ma-|
jority will stand pat until the staple
goes to at least 35 cents, and possibly
higher.
As 1 said, it was a big victory. It
most assuredly was. Final prices on
the New York Exchange Saturday
were 252 to 357 points above the clos
ing levels of the previous week,
equivalent to $12.60 to $17.85 a bale,
Swhile futures at New Orleans ex
hibited a handsome gain of 175 to 3§7
points—sß.7s to $18.30. ‘
SPOTS RULE BUOYANT;
PRICE HERE NEARS 32 CENTS.
Spot cotton steered upward, al
though the basis was cut down, owing
to the fact that July option was com
manding practically as much as the
actual, the difference here beihg nar
rowed to 150 “on” July. Spot markets
in the belt generally were around 30
cents and better for middling, with
good middling basis here being quoted
as high as 32 1-2 cents, or the highest
price since last winter, and more than
2 cents above a week ago and almost
71-2 cents above the year’s low.
Futures at the top also stood at the
highest levels since last winter. Fol
lowing gives the week's highs and
lows of January 24 of active positions:
L Week’s Season’s
Options. Highs. Lows.
BN e S BRIGD 20.00
e BTN 10.15
Cigbober ... .0 . s BORD 18.02
Detsmber ....:..... #O.OO 18.40
R lannary . .ohioa. 20T 21.00
MEeE ......\...... 95 20,95
11 CENTS ABOVE LOW:
WILD SCRAMBLE TO BUY.
On the crest of the rise leading op
tions on the New York Ixchange
stood more than 12 cents a pound
ahove the low marks of the season,
established on January 24 last, while
active positions at New Orleans
showed a gain of virtually the same
amount.
When futures broke through the 30-
cent line it set the trade wild with
bullish enthusiasm, with shorts, trade
houses, Liverpool, Wall &treet and
commission houses a-scrambling for
contracts. No one cared to buy Octo
ber when it sank to within 2 points of
18 cents last January, but it seemed
as though there was a buyer for every
bale that will be produced this year
xK'h(‘n the same option sailed past 30
cents,
Oh, no; mills refused to buy fall
positions then, although I advised
them to do so; but, as I stated then,
they apparently desired to wait until
the world commenced to compete for
the staple with prices many cents
higher. Some said 1 was giving the
farmers and merchants the wrong
advice, and many claimed that T was
“long” of the market and wanted to
“get out.” But let me assert, with all
emphasis possible, that 1 have NEVER
owned a contract of cotton in my life.
Everything 1 have said in The Geor
gian and Sunday American with re
gard to the cotton situation has been
with the SOLE INTENTION of keep
. ing the great Southland ON ITS
FEET and bringing PROSPERITY
TO ITS DOORS.
When practically everyone else lost
heart and began talking 15-cent cot
ton I endeavored to show why they
were wrong, and said that patience
. on the part of holders, reduced acre
age and diversified crops would save
the South. It HAS.
PREDICTION REALIZED;
BIG REPIVAL IN TRADE.
I not only have realized my predic
tions of materially higher prices, but
realized my predictions of a great re
vival in the dry goods market, which
now is described at home and abroad
as PHENOMENALLY EXCELLENT.
Agents in New. York have found it
necessary to withdraw lines of goods
from the market in an effort to stem
the advance in goods prices One
house last week was credited with
having sold 100,000 pieces of goods in
one day for export, and practically all
mills are sold considerably ahead.
¥all River reported sales of goods
for last week at 320,000 pieces, or
double the weekly production.
Merchants throughout the country
" have regained confidence and the lead
ing financiers and business leaders
are talking of a GREAT PROSPER
ITY. Bolshevism propaganda in this
country — which, however, never
gained foothold except in the dens of
those circulating such CUSSED ROT
—has vanished, and everyone 1s ex
tremely confident of the future and
looking forward to even bigger and
more prosperous days than this coun
try HAS EVER EXPERIENCED:
Here's what Judge Gary, president of
the United States Steel Corporation,
said Friday, and which sent cheer
fulness from one end of the financial
district in New York to the other:
“patience and confidence are jus
tified, and with these great PROS
PERITY IS ASSURED.”
( THAT'S THE SPIRIT! Let's every
one look upon the future in the same
light and share in this approaching
_ern of unparalieled prosperity. With
the fiouth‘g potent staple coming into
DEMAND PERSISTENT;
LIVERPOOL SALES HEAVY.
~ Let's get back to the cotton mar
ket. :
The week's advance was greatly
stimulated by persistent buying by
trade houses, spot firms, Liverpool,
Wall Street and commission houses,
}vlth offerings more or less light, he
ing confined to realizing and selling
for a reaction by ring leaders. The
Western crowd also soid. Contracts
were readily absorbed. Demand was
stimulated chiefly as the result of the
big revival in the goods market, con
tinued low temperatures, rains and
unfavorable crop advices from the
belt, giving promise of a bullish con
dition report about June 3. In addi
tion to this, practically every section
of the belt sent in telegrams of a
big demand fogx spot cotton at rising
prices, with exporters and domestic
mills in the market in greatly in
creased number. EXxporters were re
ported to 'be fairly begging for the
actual. |
' Another significant development
was the larger demand from doiestic
spinners. ‘
Another bullish item was Liver
pool's heavy sales of the actual.‘
amounting to 53,000 bales for the
week, with Thursday’s sales totaling‘
15,000 bales—heaviest since 1914,
which was accepted as indicating the
return to nermal condition in the
English market and active trade in
the mill district of Manchester. Re
ports that New Bedford and mills in
the Lancashire district were about to!
close, owing to a threatened strike for
shorter hours with an advance of 30|
per cent in wages, had no effect on
the market. \
CROP NEWS UNFAVORABLE; |
TEMPERATURES TOO LOW.
Still another factor inviting in
creased bullish participation was un
favorable crop news, especially from
Texas, where the army worm is said
to be doing great damage to cotton,
which, together with cold weather, is
causing the plant to die, and thou
sands of acres where cotton died is
being planted in corn and peanuts.
Memphis wired that a number of big
planters give extremely pessimisti¢
reports with regard to the new crop.
Alabama also sent in bad crop news.
~ The weekly weather and crop re
port was unfavorable, showing the ef
fect of continued low temperatures
and rains, the latter having caused
grass to spread over almost the en
’tire belt. Labor ig scarce and farm
ers are having difficulty in cleaning
‘weeds out. Tt is believed that a big
portion of the lost crop will never be
replanted, owing to labor shortage,
high cost of labor and material.
FIRST CONDITION REPORT |
1S OF LITTLE VALUE. |
‘ It was reperted that the National
’Ginners‘ Association placed the con
\dition of the crop at 77.8 per cent,
‘which is rather higher than oxne(‘!ed.}
‘However, little attention should be
given first condition reports, in that
‘they are valueless in determining the
prospective size of the yield. And
‘here's the proof-—the condition of the
crop on May 25 for the last ten years,
‘together with fiinal yield of lint cot
ton following: ‘
| Condition. Yield.
Year. May 25. Lint. ‘
018 .. o BEET v ROlinoh
LT cla e, B9b 11,302,375
3018 0 L liavs Tl IRGN e
OIS e 800 11,191,860
SOl4 ol ik e 16 18E RN
008 s e N 14,156,486
1018 sl s TBO 1:’..703,4:1‘
1911 Lo..aaiiienien 87.8 1;’».692,70]‘
BT NI e 11,608,616
908 oo a 1 B 10,004,949
Keen judges of the plant assert that,
whether it be high or low, it sheds lit- |
tie light on the actual size of the crop.l
On May 25, 1918, the condition was
the highest in the last decade, wilh;
prospects of a bumper crop. but
evervone in the cotton business knows |
what followed. From a predicted _vield‘
in July (by the Government) of 15~
1395000 bales of lint, the great drouth |
in midsummer and ravages of insects
proved so disastrous that a crop of
less than 12,000,000 bales was raised,
which prevented the market from hp-f
ing glutted with cotton and held
prices away from 15 cents, or pos—'
sibly less.
EXPORTS STILL GROWING |
AND OUTLOOK IS GOOD.
‘ Exports during the week were fu‘irl_\'
large, totaling 78.840 bales, against
66,394 the same period a year ago.
‘This brought the outgo so far -thls‘
season up to 4,301,696 bales, against
2 637.714 bales the previous corre
sponding period. : |
. The shipping board has promised a
great increase in ocean room for Jlmel
shipments, which means that exports
next month probably will be the heav
jest since the war started. In the
opinion of leading cotton men it would
not be surprising to see the outgo for
‘thm period reach 1,000,000 bales. {
|
AN AAAAAAN AN AN AN NS
B E I
i WEEK’'S COTTON RANGE. <}
AAAAR A A AP AL I s 1
| Following shows the highest and lowest
prices of active cotton options on the New l
York and New Orleans Cotten Fxchanzes
lust weele, together with saturday’s close
the closing prices of the previeus weekJ
‘n|,u_!v|wgtvhanzefij‘p[,g\u-_fi\\ sol 1
| NEW: YORK G
| ’"” I [Set] Wk Net
‘ High | Low !Closel Ago.[( 'IRSI
MRy e T 931,00/ 529,75 |—expired | —
July ... ]#31.10]£28.50/:30.90/28.38| {2562
October . . 5' 30.4.’»53'.‘“_.5)4‘k.fl)..m‘?&t‘;.& + ..(.fl!
December ... ]*30.00/426.50|29.95 26 38| 4+ 357
January ... |*29.77/¥26.33 29.70{26.22 .- 318
‘Mareh ... 1#20.55/426.1529.50 s;"2?‘,l}’“ !
| LW OELEANES . |
T L L ISR W] Net
| [Hizh | Low |Close| Ago./Ches
N 5. oa s ~c:ii.xofiza.m,sl.4o!29.-:s[+;7si
Y i ,;'30.7f[§23.4?i30‘60!28.30 -t _.’.M!
October ... 92975 #26.24129.58 26,10 - 318
December {*29.45 #26.83 29.40(25.73| - 367 |
January ... szn‘u;tzs.cs!es.u‘zrs.mi+sg4}
March C 2R 4R 425,48 28.85(25.30] - 355
#Monday ; +Tuesday; *Saturday. g
e et
GREAT LAKES 8. 8. SURPLUS $§288,737,
| The Great Lakes Steamship Company re- ]
ports a surplus for 1918 after nmlvwln:?
$1.R02.141 for estimfated taxes, disastenr |
and general ¢xXpenscs of $28%8.53% Barn- |
ings from operation were: £4 647 027, ex- |
penses %7.621.034, profit $2 ni6,992 other |
income $73.856 and total income B_‘.o."“.—‘
| 878.
HEARST'S SUNDAY AMERICAN . A Newspaper for People Who Think — SUNDAY, MAY 25 1919,
City's Busi |
City's Business
}. . 5
Activity Shown
In Big Clearings
AR AR AN A AR AR A
Reflecting the sharp rise in cotton
and general improvemeng in all lines
of business, ag well as the big revival
in building operations, Atlanta bank
eclearings last week were the largest
in several months, aggregating §ssß,-
768,725.16, as compared with $37,432,-
303.91 the same week a year ago-—a
gain of $21,336,421.25, and more than
$2.000,000 in excess of a week ago.
Saturday’s clearings also showed a
heavy increase over the same day
last year—s3,27l,93B.o2—the day's to
tal being $9,005,136.93,
Following shows clearings for each
day last weck, compared with a year
ago:
Day - This week 1918,
Monday ..$11,126,573.72 $7,5678,441.76
Tuesday . . 8,830.990.95 .5738,404.03
Wednesday 10,396,756.99 6,677,677.30
Thursday . 9,235,888.27 6,004 14548
Friday. . . 10,173,378.30 5,800,436.44
Saturday . 9,005,136.93 5,733,193.91
Total .$68,768,725.16 837.432.30‘3.911
NEW YORK, May 24.—1 n one of the
most active Saturday sessions the cot
ton market has had in a long while,
prices rose in a sensational manner to
new high ground for the present bull
movement. The demand was not lim
ited and came from all sources, with
new crop positions showing the great
est strength.
Reports of a strong demand for spot
cotton in the Southern murkets for ex
port, further bullish crop reports, a
forecast for rains over the eastern belt
and good reports from the goods mar
ket all created an optimistic senti
ment which helped the tone.
The market was strong from the start
with first prices 15 to 80 points higher.
Fluctuations were wide after the call,
with prices steadily gaining in strength.
At the end of the first hour the market
was strong with prices 72 to 96 points
above yesterday's close.
In the second hour the Aemand con
tinued, but contracts were very scarce.
July touched the 31c level and most po
sitions showed gains of over $5 a bale.
Toward the close heavy realizing set
in, but this had little effect and the
final tone was steady, with prices 88
to 141 points higher.
Spot cotton was steady, 105 points
higher at 32.60 c. No sales.
New Orleans spot cotton was firm 87
points higher at 30.7bc. Sales 3,400
bales.
NEW_ YORK COTTON
10pen . [High.| Low. |L.Sale| Close. 'Prv.Close.
July Ji{(n_nb!lfi].]fl 30.05]31.10{30.90-10/30.02-10
Oct. 129.60{30.45/29.50(30.38/30.35-40{29.04-01
Dec. [29.30/30.00/29.24({29.95{29.95-30/28.52-62
Jan. 29.13|29,T7[29A00 29.75/29.70 128.40-50
Mar, |28.80/29.55(28.75/29.55/29.65-60(28.20-23
Au, \I, : .[31.10 i
oy il lnlet. ] RS ]
Nv. ;l ...130.45
B e .
’ ("losed strong.
| RIS Ao . S
_____ NEW ORLEANS COTTON
____|Open. [High | Low. [L.Sale| Olose. |Prv.Close.
May [31.33]31.80/31.30|31.80]31.40-42{30.80
Jly JROAI-') 30.74/30.10]30.70/30.60-7029.80-85
Oct ‘!h.SG(‘ZS’.T,’,‘SS 56129.75129.58-75|28.22-26
Dec. [|28.45[29.45/28.40/29.45]29.40-45/27.90-95
Jan. [28.17]29.24(28.17]29.24(29.24 127.65-67
Mr. !28,4Xf28.48128.48|25A8[23.85-90!27‘42—47
Closed firm.
A v g s
EPOT COTTON.
Atianta Commercial Exchange quotes
basis good middling, 32%; sales Friday,
1,000 bales.
New Orleans middling 30.%; sales J,-
040 bales; arrived, 450.
Liverpool, middling, 20 48d.
New York, middling, 31.55.
Savannah, middling, 30%.
Boston, steady, 31.256
Augusta, middling, 29%.
Philadelphia, middling, 31.8%0
"~ Charleston, middling, 29%.
| Wilmington, middling, 29%.
Norfolk, middling, 29.13.
Memphis, middling, 30.
St. Loais, middling, 29%
Dallas, middling, 31.15.
Mobile, middling, 29.
Galveston, middling, 31%
Houston, middling, 31.50
Little Rock, middling, 29%.
Montgomery, middling, 29%
ATLANTA COTTON DIFFERENCES.
Middling fair ...........e-.00:.4.+162 OB
Strict Good Middling ... errents sdBB ON
Good MIGALBE 5. essdss ssaussstashil W 0
Sirict MIJAVDE . iccssvustsssivessve S 8 OB
AMISSE il st siie ss SR
Strict Low Mliddlng ...cc...5...226 off
Low Middling i Stk oh DT e
Yellow Tinged.
tdod BHRBIUNE i iy iheeye 0118 off
Scriet Middling SR e o
Yellow Stained.
Good Middling ...... ik <o NN
ATLANTA COTTON SEED PRODUCTS,
U. 8. Fixed
Deseriptions Prices
Crude oil, basis prime............. AT
Cotton seed meal, p. ¢. common... $55.00
Cotton seed meal, 7 p. ¢. Georgia .
common rate point ............. $656.00
Cotton seed hulls, 1005 e........... $16.00
Cotton s2ed hulls, sacked ........nominal
ATLANTA COTTON STATEMENT.
Saturday 1919. Last. WK
Spoth ... ..32.560 30.40 28.40 21.76
Receipts o R U 870
Shipments 1,075 1.288
Stecks Kiihy s oo IRE 348,500
Sales g 0% . 1,000 1,500
WEEKILY WEATHER FORECASNT.
WASHINGTON, May 24.—The Weathes
Bureau today issued the following forecast
for next week
Atlantic and East Gulf States, Ohio Val
ley, Tennessee and Region of Great lL.akes
The coming week will be one of approx
imately normal temperature and cloudiness
and occasional showers,
West Gulf States—The coming weck will
be one of narmal temperature and general
iy fair weather, but with showers probable
the middle of the week.
NEW PRODUCE MARKET.
NEW YORK, May 24.—Petrolenm firm;
crude Pennsylvania 4.00.
Turpentine firmer, 85@86.
Rosin steady: common 12.00 asked
IHiides stronger; native steers, 334 @367
yranded steers, 294 @36
Coffe weak; options opened 20 to 25
points lower; Rio No. 7 on spot, 14% @197%
Rice stronger; domestic 6% @lll%. *
Voliasses dull:; New Orleans open kettle
76 82; black strap, 12@17
Raw sugar steady
Refined sugar unchanged,
Potatoes firm; nearby white, 2.22@06.50;
Bermudas, 3.00@9.50 Southern weets,
2.00@9.00.
Beans unsettled; marrow choice, 11.75;
pea choice, 8.00; red Kkidney choic 12.26.
Dried fruits strong; apricots hoice to
fancy, so@ss; apples, evaporate rime to
ancy 18% @22; prunes, 308 to 6l 27@
0: 608 to 100 s, 14@23; peaches, choice to
funcy, 24@27; seeded raisins, choice to
tancy, 156@22.
STOCK MARKET OPINIONS,
Clark & Ceo.: "Wild speculation with
public bidding can cause remarkable ad
vance in seme stocks. This has happened
n many specialties in the present market.
While solid standard issues are neglected,
sooner or later, the tide will turn in favor
of coppers, stecls and rails. Take profits
on specuiation, buy standard issues.”
* - *
New York Finaoncial Bureau: Mixad
iews make for irregular mdven with
ilish operation confined to ilation
The trading position is gnggested as a log
al position for the geperal market Gas
stocks are bulled by p% channels.”’
| g
' New York Stock Quotations i
Market closed strong.
Total stock sales 896,600 shrares,
Total bond sales $5,678,000.
Total stock sales for week 7,800,700 shares,
Total bond sales for week $67,634,000.
IHigh | lm.ifiw.
o~ BTOCKS-— |Sale|Close
Allis-Chalmers . , .| 42 42 42 2%
do z»rnf. ko * %%’ 90%
ABE Bine . , J . ilaenn] 10l 0N
Amn. Int. Corp. . .| 93%] 92 92 92N
Amn, Agri. o LllO% 11108 11081107 1y
Amn. B. Sugar . .} 803 | 8014 S 0 ] 80%
Amn. Can . ... .| 56%] B 863] 64%
Amn. Car Fdry. . . [102341102%[102'%]102
Alss Ot O . d ivib il Nt BY
AN kheo. . . 18 81% |&3 81
Amn. Smelting . .| T9%| T 9% TO%| TEK
YR e i el W R L L
Amn, Steel Fdrs, , .| 87 37 n 38
Amn. Bugar Ref. , .| ....] ;...] ...Jl3l
Amn, T. and T. , .|lO6 (106 [lO6 }lO5
Amn. Woolen . , .| 86%| 85 86 84
Amn. Linseed ~ .! 64 64 64 63
B PreL. . v il ik Vvankieen 94
BB and Wk o iif il s [OOB
Amn. H. and L. . .| 33%] 32%] 33% | 33%
do pref. . . .|122 [120%]122 121%
SN Malt Oorp. « .1 . & } & 4 3%
e, MRS cilicia i
Amn. Sum. Tob. . .JlO7 1107 1107 |106%
Amn. lee . .... .| 56%/| 6515 55%] 85
Ak W oPuger . Al 147
Alloy Steeli . ... .| 56 643%| 543 63%
‘Aluk. DY & s o o :‘\z
‘Anu'ondn oes s of 69%] 68%| 693! 68
Atchison . . . .[IOO | 981 100 7%
At. Coast Line . . . 1056 [1056 106 1%
‘Btldwln Loco. . . .1101%}100% 11607511
Bal. and Ohio . ~ .| 64% 64| Hdle| 64%
Booth Fisheries . . '33%’ 231! 23%] 23%
Bethlehem Steel . .} ....f ... a] »e 8%
B prel. o if i el iivaddllß
Beth. Steel B . .] 79 T 8 T8%4 79
Brook. R. T. ... .| 26%| 261u| 2614 26%
Butte Superior . ~ .] ... | 24%‘
Butte C. and 2. , .| 13%]| 13%] 13% 13
Onl Petrolaum - .F ... o) oo 1
Ol Paeifte . o ] Siaak i ]IORAL |
Ches. and Ohio , . | 67%| 67%| 67% 66‘*‘
CEECTS RAR O R e
.PS L) el 47 47 16%
C., M. and St. P. . .| 457 45%] 45%] 45%
By Bt L)l daiel el b 4 SE
Chino Copper . . .| 32%| 32%| 32% 38%‘
Sanaet OBN oo Y ol i v 1S
Corn Products . . . cosf 00l s 633
Crucible Steel . .| 77 76%| 76%] T 6%
Cuban A, Sugar . e o L
Cuban C. Sugar . .| 357%| 369%| 35%| 35%
Cast Iren Pipe .:.| 27 260% |27 26
Central Leather ~.| 93 ”? 93 915
Chile Copper . ..| 24%| 34| 2434 238
Chandler Motor . .[187%[17914{1873% /180 1
Columbin G » « il sl iiend Al
Corre-de-Panco . . .| ....] coosf ou.] ¥4
DERt. OBR N, ox o 0o Givil sl M
DAL and ol . F ) bl sl N
Bele .. o 1N RS 19 19
do pref. Ist . .| 308 30%| 30% 30%
Gen. Electric ... .[16134[16614/166%[164%
General Motors . . (1947%18875(194% (188 ‘
Goodrich Rubber . 71%| 71%| 71%] 71
Gon. Cig. Stores .| 81%| 81%| 811%{ 81 ‘
Gt. Nor. pref. . .| 98%] 98| 9814} 97%
Gt Nor. Ovn , i VIR V% 478 47T%
Gt. Western .. .| o.cof cocef eovs 10!(‘
e DL, . o il el el DO
Gulf States Steel . Sk it N Y
. Cantral ... odoacod sasiles: o[9B ]
Inspir. Copper ..... ....] 6%} 66 656 %
Interboro . . . . .| 6%| 6%| 6%| 6%
do pref. «¢oo} .- Vol il BN
Ind. Alcohol . . .[157%4[15635]156% 156 ‘
Int. Nickel . « « 27%| 27 27 26%
Keystone . . . « .| 91%| 91% 911, 90%
Kelly-Spg.| ... o -[122%]119 11221%4/119
Int. Paper . . . .| bdl| 631%) 6312 l 54
Kan. City Sou. ‘ zml 23%| 23%[ 23%
A 6 B i seiel ieiabnrash B 8
t CHICAGO, May: 24.—Continued ligqui
ldu'mn by longs in corn was the feature
of the market today, and it was also
the potemt bearish factor. l.osses were
shown of %c foir May, 2%@2% for July
and 17-B@2c¢ for September. The oats
market was off I@l Hog produets
showed' losses of H@hH.Bs, with pork the
weakest spot of the list There was
some buying of corn and oats late in
the way of evening up over Sunday.
Grain quotations:
Prev.
Open. High Low. Close. Close.
CORN-—
| May 1.79 1.79% 1.98% 1.79 1.79%
‘,lul\ 1.64% 1.64% 1.62% 1.64 1.65%
Sept. 1.67% 1.57% 1.56% 1.56 1.58
‘ JATS |
May 68 69 1% 68 6814 6914
July 67 % 67% 6615 67 % 6815
Spt. 6414 6414 6314 6314 641%
‘ PONK -
May 53.90 53.90 53.90 53.90 23.90
Jly 49.00 19.00 48.10 48.25 19.10
LARD-—
May 383.00 33.00 32.76 32.75 33.05
Jly 30.85 30.85 30.55 30.62 10.80
sSpt ¢ 4 30.30
IRB
May 29.350 29.30 29.20 39.20 29.256
Jly 27.00 27.00. 26.77 - 26.82 26.60
‘ CHICAGO CAR LOTS |
CHICAGO, May 24.—Following are re=
ceijts today:
Wheat e
Corn ks . ’ fih“
Oats R 6
Hogs o s 8,000 i
CHICAGO CASH GRAIN
CHICAGO, May 24.--Cash corn No. 8
mixed 1.80, No. 3 white 1.79@1.80%;
No. 2 vellow 1.81; No. 3 mixed 1.80;
No. 6 white 1.78; No. 3 yellow 1.79@
1.80; No. 5 mixed 1.77@1.78 1-8
Oats, No. 8 white 67 3-4@6% 1-4; No.
4 white 68 1-2; standard 69 1-2@70.
ST, LOUIS LIVE STOCK MARKET. 1
ST LOUIS, May 24 Clattle Receipts
600; market steady:; native beef steers, |
11.50@18.50; yearling steers and heife I'B,l
9.50@16.00;: cows, 10.60@13.560; stockers
and feeder 10.00@ 13.60; calve 7.75@ ]
15.50; prime Southern steers, !u.-vmny.();J
beef cows and heifers, 6.50@8.00
Hog Receipts 500 market ‘-.141)’;!
mixed, 20.15@20.70 good, 20.606020.76;
rough 16.006019.75 zhts 20.15@20.50; |
pig 15.50 @ 19.75 hu 20,2060 20.65 |
Sheep: Receipts 600 market !tuuly;‘
ewes, 13.00@14.50; choppers and canners,
6.00@8%8.50; lambs 18.26@18.76
JACKSONVILLY LIVE STOCK. !
Hogs: Receipts light; prospects steady. |
Extra choice heavy, 1 M 19.00; ordinary
choice heavy, 18.00@ ) ough heavy, |
17.00@18.00; lights 165.50@15.00; pigs, |
13.80@14.00; range ~ hogs, 11.00@12.00;
range pigs, 7.00@8.00 1
Cattle: Receipt [ v prospects |
steady; steers, 5.50@12.00 hullg, § '_::'.l:_m!
§.50; yearlings H.00ap7.00 4.50ay
8.00; heifers, 5.00@ 0 cal calves, 8.00
@12.50; canners, 5.00 up wWilliamson &
Dennis, May 23
CHICAGO LIVE STOCK.
CHICAGO Muay 24 By United
States Bureau of Markets.)—logs: Re
ceipts 8,000; bulk of sales s@lloc higher;
market closing with advance mostly
lost, Top 20.75 bull 20,500 20.75;
heavies 20.50@ 20.75 medinn 20.35@
20.75; light 20.006@20.65 light iights
19.25@2040; heavy packing so smooth
19.85@20.25: paeking sows rough 19.25@
19.75; pig 18,506 19:25
Cattle Receipts 1,000 Compared
with week ago good and choice heavy |
beef steers 70 Lo 1.00 lower cormon |
and medium gradeg and yvea gs most- |
ly 40@idc lower; cows and heifers HOG@
75¢ lower: canners and medium grades
steady to 2ic lower: bull trong to 26c¢ |
higher: butchers steady veal calves I
1.75@2.00 higher; feeders 0@ 7ic lower;
stockers and light feeders cad {
Sheep: Receipts 1,500; market strong ;
compared with week ago. Spring lambs |
and best shoru lambs strong to 25¢ |
higher: other lambs steady to 25c lower,
shep and yearlings mostly 25@50c lower. '
JACKSONVILLE LIVE STGCK.
JACKSONVILLE May I re Re
heavy, 18.50@ 19.00 ordinary choice
heavy 18, 00@ 1% 50 rous 1700@ |
18.00; lights, 16.506 18.( 13007 |
14.00; range oR 11.00 @ range |
pigs, 7.00@ 800 |
Cattle B lie T 4 2
Stoer:y 07 12 00 “ 6|
yearling t o o \ 0
heifers ROT q « XOO G I
12.50; cann 90 up.—W on &
Dennis. ‘
tiPrev.
__BTOCKE~— igh| Low [Sule.[Cl'se,
Kan, and Texas . .| 9% 9!&! Pl Y%
et s o et ol B 8
Kennecott . . . .| 36%]| 36%| 36% 34%
Lehigh Valley « & ....¢ ... i 'BB
Lack. Steel ~ o .| 83%] 823 82%| 83%
0l . b)) oo [IBO%
Maxwell Motors . .| 463% | ¢4%| 46% 72
do. Ist pref. .o) .0} o) 2ins 35
Mo. Paeitie (new) .| 33K 3| 32k| 324
Mexican Petroleum. 18111150 % 180%/181
Rerine ...«v oON |TN 4T
do, pref. . . (135 [1234% lut'l“%
Miami Copper .» .| 37%| 27%| 27%| 37%
Midvale Steel . . .| 49%| 49 490 8%
National Enamel, .| ....| ... cevs] 64%
North American .} ...} ... coen] 618
N. Y. Coentral . . .| 81%] 813/ 81% | 81%
N Y N B Rkl 0B
UONNE Tl .&il il vl sl IRO
Okla. Products ~ 12% ] 12%4) 12% 134
‘N. ot W . . ... 11009%
Northern Pacific .| 98 TN ”.'K) 9%
’Nev. Con. Cepper ] ... e} vive 38
N. Y. Airbrake , .[119% 110%/119% 118%
Ohio Cities Gas . .| 6% b 6 3| 5% | bb%
Pitts.-W. Va. Coal Crsvk geny ‘3%
Pan-American Pete,| 04%| 943 ] 9414 94
Pennsylvania . . .| 543 sw.‘ Bdly| bly
People's Gas .« .| b 6% |66 b 6% |bb
P. Bteel Car « « | 80 ‘BO 80 9%
Plerce Oil . . . .} 36%[ 265| 26% ! 26%§
Pittsburg Coal . .l 61 59%| 6015 69
Royal Dutch (0id).[116%[115 1115 [117%
do, (new) . . .J116%[114%[116%[117
Ray Consolidated .| 21%| 21% ZI‘Q; 21%
Ronaing L mee? ol ssn| ssx| sa%/ 883
BUBIOY . ¢ i 4 o] sieel sasof sais 315
R. 1. and Steel ..| 89 881, | 884 | 88%%
G 0 PIE 4 % sl iiiid sier] s 008
Rock Island . . .| 30%7 30 J 30%; 9%
do. pref. A o of cooof coae] venn 82
do. Pref. B . | o] ciio] enes TO%
Ry. Steel Springs .| ....[ ....| «+ov §O%
Sears-Roebuck. « of ....] ....] ....]2OB
Sloss-Sheffield .. .| 65%| 64% |65 64‘;‘
Southern Pacific . .|10985 /1091 {IO9B/108% |
Southern Railwa y.| 31 3 31 Jl% |
do. pref. . . .| To%| 70%| 70%| .... |
Studebaker . . . .| 90%| 8415] 893! 93% |
St. L. & San Fran.| 22%| 22%| 22%/| 23% |,
Sinclair Oil . . . .| 66% Bfuigf 665 | 6615 )
Swift & Co. (Int.) .| 603 604 60%| 69%
Sel . b R
Tob, Products .. .| 96 |B9 &A 93%| 89 l
Tenn, Copper . o .| 14%) 14%| 14%] 14%
Texas Oil . . . . .[279%(279%(279%(275 1
Texas Pacific . . .| 49%| 4915 4915 40% |
Onited Frult + o Jiicverd cars) ssl 1180 ]
Union Pacific . . .ilSd 11:5%1‘136 1356 ,
e weet. . ] cixial et iat TR
U. Food Products .| 76 | 76%| 76%| 76% i}
U. 8. Rubber . , .!105 9815/102 POT%
ae el o ‘ R LV e
U. 8 SBteel . . . .‘lo7‘,‘lo("&'lo7%‘l‘oßs‘. '
oW s ‘ ... 116% {!
U, Cigar Stores . . \33%]133 133% 132 w
Utah Copper . . .| 79%| 79 | 79%| 78% |]
Va.-O. Chemical. .| 73 % 72 72 ]
SRheh 0 . vl o sl RN
do. pref. A . .| 36%]| 36%| 3668| 363
Wastorn Uniom o of cool soosl cooil BRR
Willys-Overland . .| 36%| 3515] 365 Y
Westinghouse . . . SRQZI 6573% | 68%] 5T%
White Motors . . .| 69%! 57%| 68%]| 67
Wilson Packing Co.| 87%| 87%/| 87%| 87%
BONDS,
st s o oot o
U 6, Lib. 3%s . .|99,46/99.46/99 469850 |
do. 2d 48 . . .[94.70[94.70{94.70(94 64
do. 3d 4%s . .95.76’95.76’95.76'95.84
do. Ist 4%s , .[95.90(95.90{956.90(95..0 |
do. 2d 4%s . .193.02‘95.02=96.02?!4.98
do. 4th 4%s . ./956.20 95.20195.20/95.24 |
]
! CHICAGO, May 24.—Week-end trade
at the stocy yards showed a disposi
tion to pick up. The hog market last
week, especially during the latter part
of the week, was much lower, due teo
heavy receipts, and as ,a result prices
broke considerably.
Liberal receipts of cattle cause a de
cline today from 25 to 40 cents, Steers
under 1,100 pounds could get action,
but heavy bullocks were not wanted.
Losses for the week ranged from 50c
to $1.50 per hundredweight, the latter
being extreme and in the case only of
a few prime heavy bullocks, Yearlings
and light killing steers show least of
the decline. At the close the sl7 quo
tation was doubtful, $16.756 taking heavy
cattle worth $20.20 on the high spotl a
few weoeks back. Stockers and feeders
were 20@50c lower for the week. Calves
closed $2 higher than last week, with
a top of §l6.
Closing wvalue for all sorts of sheep
and lambs were at the low poin' for
the week Some shorn lambs sold at
sls today with springers at sl9 and
the trade was fully steady for the few
lots that were offered Wool ilambs
closed 26@50¢ lower for ithe week, while
shorn stock algo was 25c off, aged
muttons showed a drop of more than
50c in many spots at the closing. ;
S AR SRR, |
. v
Registered Farm Loan 1
o
Bank Bonds Held by 1,1021
WASHINGTON, May 24 Registered |
bonds of farm loan banks were held I;y!
1,102 individuals and institutions of whom |
1.050 each had less than $26,000 worth, ac l
cording to the latest tabulation by the
United States farm loan board i
Only three holders had more than $50,-|
000 in registered bonds, 36 between $25,000 !
and SIOO,OOO, and 13 between SIOO,OOO and
$500,000. Average holdings of coupon bonds |
were believed to be even less than the $9.«
800 average of the registered honds being |
more preferred by small investor A
The interest charges on the Un,h_l,l,..‘}
total of outstanding registered bonds
amount to $510,086 annually, most of the
honds paying 4% per cent, and some §
per cent,
HESTER'S COTTON STATEMENT. l
Comparigons are to actual dates, not to
close of corresponding weeks ‘
(000 omitted.)
In sight for week 113
do same seven days last year . 89
do same séven days year before .. 1
do for the month ’ 358
do same date last year i s 273
do same date year belore .« 250 |
do for season 10,073
y» same date last year 11,270
do same date year before 12,083
Part receipts for season > :,,';l:.‘
do same date last year ~ 5,944
do same dat vear before lasta 6,856
Overiand to mills and Canada for
season ¢ 1,129
do same date last year . 1,.‘.01‘
do same date year belore 1,376
Southern mill takings for season 3,118
do same date last year i 3,311
do same date year before 5,605
Interior stocks in excess of August 1 511
do last year . 513
do year before i 367 |
Foreign exports for week i ’ 79 '
do same seven days last year Tll
do same seven days year before 70
o for season ' 45 !02'
do same date last year 1,608
do same date year befo 1,945
Northern spinners’ takings and Can- '
ada for weel 40
do sume seven days ¢ yeur 71
do for season 1,707
do to same date last year 2,689
statement of Spinners’ Takings of \m«ri-l
can Cotton Througheut the World,
This week 176
Same seven days last year 150
Sar seven day vear before 183
Total since August 1 . 8,644
SBame date last year ..10,210
Same date yvar before 11,698
sStatement of World’s Visible Supply.
Total visible this week 5,063
do this week v + 5,110
do same date last yvear N 1,566
do same date year Dbefore ), 84
Of this the total American this weck 3 i
do last week . : 1,416
do last year . e 2,664
lo vear before e 2,614
All other kinds this week 1,709
do last week 1,694
do last year S . 1,302
do year hefore 1,328
Visgih n,the 17, 8 this week 2,414
io t ‘date last Car 2. 12
\ le in othar countries this weel 2, B 4
th date last Car 1,744
I “ Yun repor % 106 fa re 3 I'nites
I week; 120 last Wweek, and 184
3 7
fiU' S. Exports for
5 5
- Ten Months ‘
Gain $821,000,000
ain ,000,
AN A A A
Exports from the l'ni(’d States for
the ten months ended with April of
this year totaled $5,705,000,000, ac
cording to the Department of Com
merce. This is an increase of $821,-
006,000 over the ten months in the
corresponding period last year.
April's exports were value® at $715, .
0006,000. This was nearly $100,000,000
over the best record made for any
month of the present year.
In the month of April imports val
uved at $273,000,000 showed an in
crease of $5000,000 over the month of
March, when they were valued at
$268,000,000, As compared wtih the
month of April last year, the imports
for the month show an increase of
$6,000,000, |
For the ten months @ ended with
April, imports are put at $2,474,000, -
000, an increase of $112,000,000 over
the corresponding ten months last |
year. l
’ NTW YORK, May 24 —Sentiment on
‘the stock exchange during today's ac
tive two-hour session was decidedly
bullish and the trend of prices from
the wvery outset was to higher levels.
The motor and tire stocks led the ad
vance, gains of from 3 to 7 points be
ing made in this group. General Mo
tors rose nearly 7 points to a high of
195, while United States Rubber sold
up 7 points, Studebaker 6% points,
Chandler ¢ points, Kelly-Springfield 8
points and other tire and motor issues
generally showing gains of over 1 puim.l
Steel common assumed its lead in the
steel stocks and after opening at 107 |
vielded under profit-taking to 106‘,&.1
However, renewed demand for the is
sue sent it up to a new high for the
yvear of 107%. The other steels showed |
but fractional improvement. '
The railroad stocks showed some |
strength, with Atchison making the best !
showing, selling up over 2 points to'
100. The copper stocks showed im
provement from fractions to nearly ::i
points, while the food and chemical |
stocks also displayed a strong tone. i
LEAD COTTON MKTS ,
r .
Weekly Statement Sixth |
{
‘ Federal Resrve Bank |
[ Following is the weather statement of
resources and liabilities of the Sixth P‘o-(l-"
eral Reserve Bank at the close of business
May 23 {
Resources. |
Gold coin and certificates in !
vault $7.875.541.02 |
Gold settlement fund 12,633,235.18
Gold with Federal Reserve :
agent i i 41,699,295 00
Gold redemption fund. ... 6,020,890 lmi
. Total gold reserve .. $68,228 9'51.2i)i
Legal tender notes, silver, 1
g etc. . § 1,799,882 0)1){
Total reserve . $70,028,813.20 1
Bills digcounted, secured by
Government war obliga- ’
tions .. i 70,908,678.35 |
All other N b ceas 13,479,584,05 |
Bills bought in open mar- |
ket : :'ul:'nl()l;flfié
i
Total bille on hand $89.539,325.87
U. 8. Government bhond g 376,450.00
UI. 8 Victory notes 7.450.00 |
U. 8. certificates of indebt
- edness ey ¢ 9,609,000 Uui
!
Total earning assets, .. . s:«f-,u:,::nvf
Bank premises 218,500.00 |
Uncollected items and other !
deductions from gross de- !
posits ; 37,638,623.83 |
Five per cent fund against "
Federal Reserve Bank |
notes 449 950,00 |
All other resources... $11,600 74;'
Total resources $20879,622.66 {
Linbilities, » '
Capital paid in 4 $3,241,450.00 |
Surplus . 1,610,000.00 §
Government deposits 7.386,164.97 |
Due to members, reserve ac- |
count i 44,673,267.56 l!
Deferred availability items 28,454,644.76
All other deposits e ..'92:.408.11)%
Total gross deposits $80,807,376.22 |
Federal Reserve notes in ‘
actual circulation 112,263,640,00
Federal Reserve Bank notes |
in actual circulation R. 894,156.00
All other liab#lities 1,363,001.44
2 e |
Total liabilitie ' $208,079,622.66 |
NEW YORK CURB MARKET, [,
NEW YORK, May 24.—Trading on the,
curb market W juiet today rhe un
aertone wa firm hyvt prices moved in al
LATTOW range Ihere was no special sea- |
tur n the trading Houston oil showed
trengtl elling at its high price, while !
Lugine:s in the industrial stocks was !
gmall with prices showing mixed changes. |
Opening Closing !
Aetna Explo 11 w 11% 11% @ 11% |
Ang.-Am. Oil 0% @ 25% 26 @ 25}
Barnett Qi 1160 Y% 8-15@Y%
Cousol., Cop. b W B 14 5 @ 0% |
Cosden Ol | %@ 9% O9N@ Y%
Curtiss Aero 19 @ 21 19 @ 21
Houston Oil 140 @ 145 140 wl4O
Ind, Pipe 102 @IOB 102 @lO5
Inter Pete %@ 224 1w L7l
L. Val Coal 90 @ 91 90 @ 92
Magma a 3 @35 33 35 |
Marconi g el "% @ L.‘
Merritt Oil i 1 @ 314 11 @ 31%
Midwest Oil 2 @ 3% 2 @ 24
Midwest Ref 187 @lB9 186 @lB9
N. Am. Pulp @ 5% Fu@ 5%
Ohio OQil . 386 @iho iB6 @390
Prairie Oil M 5 @786 715 @786
Sub. Boat 16 @ 16% 16 @ 16%
O N % 88 @392 388 (@92 l
8.0 N 3 730 @755 730 @736
8 0. Cad 280 @290 280 o 240
8. O. Ind 810 @B2O 810 @&2O l
Union Tan} 137 @139 147 w 139
Victoria Oil g 34 I @ I:"‘
W.-Martin . BR@ 6 6@ 6%
Cons. Arizona . 1 @ 1% 1 @ r.‘
Nipi g 12 @ 12% 12 @ 12%, |
B. & Wyo. Ofl. 60 @ 62 60 @ 62
1. O. & 'Trans 5 @ 8y 2 @ \'"‘
N'west Oil 63 @ 66 6 @ 65
U. 8. Steam. . 2%® 2% %@ 24’
Sapulpa f@ 8y 8@ 8%
Boone 13 @ 134, 12% @ 13% '
NEW YORK BANK STATEMENT. i
NEW YORK, May 24.—-The weekly
bank statement follows: '
Average statement--l Loans decreased
$87,823,000; demands deposits decreased
$7.668,000; time deposits decreased $2,-
177.000; reserve increase $15,744,660,
Actual SKiatement—Loan decreased
$122.109,000, demand deposits decreased
$18,706,000: time depogits increased $5,- |
087,000; reserve increase $4,439,760 l
NEW YORK MONEY MARKET. ‘
NEW. YORK, May 24-—Money on calll
on the New York Stock Exchang -Lv.l.l:ll
the pust week ranged hetwoen ¢ and 6}
per cent
Time mone during the week was rath
er quiet, with rates on mixed collateral
quoted at 5 ih% per cent I
GRAIN MARKET GPINTIONS, |
E. N. Wagner & Co.: "The difficulty of {
breaking corn on recent receipts has been
Hulburd, Warren & Co.: “Larger arrivals |
of Argentine are predicted in near fu-i
ture e
Clement, Curtis & Co.: “Lateness of new
crop will bring buyers to market on lln-vl‘
lines ‘
Bennett & Co.: “Corn prices may now b |
i debhatab ground.’ {
NAY AL STORES MARRKET. I
SAVANNAI M 14,-Bpirits of vu-‘
ji tin 1 rket ey reguiars a 0
reported. 68 Rosin market tendy !
w 10: 4™ 1888 n, 1.260; m, 1,225 I
1310 .} 1,105: H, 1,08 G, 19701
0o D 1.065: . 1.04¢ B 1,060
ddeg, 231 receipts spirit 21 rosin, 180
hipments, 445 rosin, b2l stocks, spirits,
492; rosin, 56,640,
WALL STHEET FLOODED WHTy
OASH; RICH MEN HOLOWG
Never in History of Financial District Was
There So Much Money Being Put in Stock
Market—Oil Industry Sound.
By BROADAN WALL.
EW YORK; May 24.—A1l the cap
ital in the country seems to have
' been torn up from its roots in
|permanem investment places and to be
circulating in search of new enterprises.
lTha resull is that «the stock market is
flooded with cash, Never in the history
of ‘Wall Street was there so much
money available nor did there ever
seem to be before so many individuals
seeking to get rich quick,
But with all this excitement, Wall
Street loans are kept well in hand and
‘lhe technical condition of the market
is reasonably strong. Perhaps never
before have S 0 many secuflg’a been
owned outright. The reason for this is
that a larger percentage than usual of
the persons who are gpeculating do not
understand speculation on margin and
by paying for the stocks they are fool
ing themselves with the idea that they
~are investors,
Rich Men's Profits.
The theory originally proposed in this
column several months ago that rich
men would hold the market up by re
fusing to sell their stock is now gen
erally accepted as a correct one, The
great volume of stocks are held by men
who have such large profits that if they
cash in they will have to give aboul
half of it to the Government in the way
of taxes. They prefer to hold the stocks
and risk a loss of profits through reac
tion.
High taxes must be continued for a
generation and little is to be fiuined by
refusing to sell. Some large biocks of
stock held for permanent investment
may never be liquidated, but it is safo
to guess that this withholding of stock
will soon come to an end. There 18 no
evidence yet of a weakness on the part
of these rich men and for that reason
the market may be expected to con
tinue for several months in its present
abnormal condition.
Every great war brings a new crop
of millionaires will counteract to some
Du Ponts that are attracting most at
tentfon. As a ruie the great groups
of miilionaires have their wealth invest
ed in real estate, mines or in some
thing that can not he readily converted
into cash, 'The Du Ponts have theirs
in spot cash. There never in Wall
Htreg‘-wnp a group of large fortuncs
comp®sed so largely of spot cash. . The
stoek market significance of this is
very great, It is making itself felt In
the motors, in the oil and the chemi
cal industries especially.
New Form of Labor.
The operations of the Du Pont group
of millionaires will counterect to some
extent the return of labor to Europe.
The pyple are putting their money into
automobiles and farm tractors, trucks
and mechanical appliances doing la
borous work. It is quite probable that
as fast as the laboring men return to
IJurope, mechanieal means will be found
for doing the work that they formerly
engaged in, The net result will be the
country will be transformed from a
bhuman labor basis to a mechanical
TT T B R TR T SrL LTe NP C W W SRy 0 o
AA A A A A AA A A A A
‘l’l‘lu- table below has been prepared by the Northern Trust Company
to provide a convenient means of comparing the netincome derived from
taxable bonds as compared with exempt bonds. It shows the actual net
return from a taxabie bond after the normal income tax and surtax have
been deducted. The table covers bonds yielding from 3% to 7 per cent.
These fizures are based on the tax for the year 1919, payable March 16,
1920: ;
Income, PrCt. PrCOt. PrOt PrCt. PrCt, PrCt. PrCt. PrCt, PrOt
Net ‘Taxable 315 4 4% 4% 5 B 8 GV Y .
$ 10,000 viiasins el aee 418 430 408 508 GSB 48 AN
15,0007 Vit 831 363 408 431 483 400 Bis ASD NN
80000 ... ..i..00...81% 357 401 424 436 490 535 B OGN
25,000 ... LB] 381 A 8 411 430 458 M DN B
20000 S 0 ek 448 - 389 £ll 498 &5 830 SAE
35,000 R 298 340 385 404 4235 468 511 653 506
20000 .. 0L 888 33 311 3B 410 AN L BN BN
SBOOO .. . 1........008 330 39 313 B 2 L 5 405 BN B
BOOOD . llll.tlllimmd 335 368 388 408 447 48T BRS B
BoBaD . LIV R 318 SBROOAM O 3 Amy £ B
TOOOD ... i liiii 088 3068 348 361 8381 4190 4Ab6B &35 BN
80000 .. .0.... .0 ....887 294 431 349 368 4086 442 478 525
GOOOO 5 iiciiiii anb RB4 A% 387 308 ROL 4RC 48% AWN i
100000 0 ININUUNEO SNe o 808 385 343 3.1 &1 & A
e ... A 206 236 265 280 295 324 354 383 413
Plans Completed for
: ’
Merger of Cigar Co.’s
Arrangements for the consolidation of
six cigar manufacturing companies, hav
ing twenty-four brands, into a new com
pany, to be known as the Consolidatcd
Cigar Company, have heen completed. The
capitalization of the new concarn will con
sist of $4,000,000 of 7 per cent. cumula
tive preferred stock and $8,000,000 of com
mon stock., Tucker, Anthony & Co., and
saloman Bros. & Hutzler have purchased
the securities of the new concern
The companies included in the consol
idation factories in Tampa, Key West,
New Orleans, New York, Philadelphia,
Delawarve, Cincinnati, Detroit, Poughkeep
sie, Allentown, Coplay, Harrisburg and
nenrly all parts of the United States. The
principals of the new concern have heen
in business about 30 years, and manufac
ture some of the hest known brands in
the country. The consolidation will have
an annual output of about 400,000,000 ci
gars,
To Leather Trade
NEW YORK, May 17.~—Warning to the
leather trade to keep the raw material
market well in hand against speculative
Sfever” and consequent increases in shoe
prices, which would hurt the trade, has
been sounded by Fred A \'ngel.&')rcsidont
of the Tanners' Council of the United
States
“Phere is notrthe slightest doubt in the
minds of many of our members that we
have at least eighteen months of splendid
business ahead of us if the situation is
handled correctly.”
Mr. Vogel said: “If, on the other hand,
wa allow the situation to get out of hand
and see raw material advancing beyond
all reason, there will come a sudden check
to our buginess which will be detrimentas .
and the effects of which will be felt for
a year to come.
“Shoes already are at unprecedented
prices, and if these advances continue they
will no doubt be marked up several dolars
per pair for the fall business g
PR e
Confidence Growing,
Says Bradstreet
Brudstreet's weekly trade review says:
“Something like a shifting of activity
i# revealed in the trade and industrial re
ports this week. Cool, rainy weather and
the lateness of zome of the spring plant
ed erops, especially corn and cotton, seein
to be more stressed at the smaller markets,
but increased activity, strength and con
fidence i 8 revealed at the larger centers,
while in instances where weather condi
tions have been fayorable and scasonable
temperatures have prevailed, the trend has
Leen a very cheerful one On balance job
bing and retall trade reports show a slight
ebbing of activity and collections are a‘
shade slower than last week, but this
seems directly chargeable to weather con
ditions, whereas the increased strength of
demand in primary markets especially for
textiles, jewelry and foot coverings with
the aggressive etrength of nearly all |
prices, seem to point te a growth of rorh"
2dence as to the future not quite so
clearly revealed in the recent past, 1
“Weckly bank clearing 87.799.65%,0‘\0“"
Panl M. Warburg declares , vsent form
of taxation is harming the country and
that tailroad eredit must he firmly re
established and big investment trusts
fornied to aid digestion of Liberty honds, |
therehy laving foundation for development
here of broad market for foreign secuti-
basis, without the slightest loss,
This change {rom human labor to me
chanical labor is particularly beneficial
to the South and Southwest, where the
hot weather has made human labor in
tolerable.
Oil Industry Soung.
An important development of the past
weeks has been an invesiigation of the
oil industry. Reports have been cwr
rent of @& surplus in oill A detailed
investigation has been made, with the
result of quieting the mind of (raders
on the question, There is a slight ex-.
cess of heavy fuel oi, but the supply
of light oils is still under normal
Stocks of light oils were drawn upon
heavily during the war and have not
yet been fully replenished, The uses
of oil are so various that there is llr
the slightest danger in this respect. It
may be that some of the new compa
nies that have gone ahead putting down
wells without providing for the sale ot
their oil may be embarrassed when the
refining companies refuse to take the
oil off their hands. Stockholders in
those companies that have made pro
vision for selling their oil need have no
worry.
Savln‘; the Rails.
The railroad situation is clearing up
rapidly., Co-operation of the Govern
ment and railroad managers in forming
a car trust to handle all equipment
purchased during the war is a lonf step
toward a_square deal. With all thac
equipment properly financed, the roads
will be in snrpe to save themseives.
Sentiment in favor of the organization
of 2 lew transcontinental systems to
use the smalil roads as feeders is crys
talizing. There is little doubt in the
minds of Wall Street bankers that the
roads will soon be turned back to pri
vate ownership, under such guarantees
and control by the Government as will
make possible a square deal both for
the stockholders and for the general
public. Present relations between the
railroads and the public are intoléra
ble. Transportation is expensive and
unsatisfactory.
An open iarket for steel promises
soon to settle the disputed question of
prices. They are just as liable to ad
vance as to decline, Cunm is nlrea?l
showing an advancing t ency. S
ver has touched a high record rrlofi
in the last tew days after its release
from Government control and has re
acted slightly from that price. The
outlook for all silver stoeks is bright.
Electrical companies have much to
look forward to because of the prae
tical destruction of German trade, Ger
many was the great competitor in the
electrical trade. It will be *out ,of the
market for several years at least.
Warnings without end have been is
sued to the public but they have gone
unheeded thus far. Those who are is
suing the warnings are old-time con
servative bankers who ‘have seen many
happy bull markets go to smash. This
one will go on the rocks without ques
tion sometime, but the rocks now seem
to be far away. It is a time to be care
ful, but experience proves that in Wall
‘Street the public will not be careful.
Y
}(,old, Wet Weather
| Delays Farm Work
The American Steel and Wire Company
in its crop summary for the week ending
May 17, says:
“The burden of reports this week is wet,
cold weather, and farm work delayed. :
“Clorn planting proceeds haltingly. ¥
“Winter wheat conditions continue
bright with one report of rust and a few
reports of too much moisture. Wheat is
heading as far north as the Ohio River. A
“Clotton planting is nearing an end with
some acreage going into corn on account
of the lateness of the season. Many re
ports of good stand and healthy plants, g
‘Chopping’ has started in localities, i
‘[Spring wheat and oat seeding is INE‘\‘
going on. 4
“Reports of the sweet potato crop are
very bright. Many_reperts of reduction in®%
peanut plantings. "™he high price of cow- !
pea seed has cut down the plantings. z
“Pasture and haylands continue in good
condition Reports of clover are bright.
Alfalfa in many places is ready to cut; in
places it is toe wet to make hay. *
“Reports of frost damage to fruit con-:
tinue. The flow of milk is on the im=;
crense." “
C‘oncerning Georgia the report says:
“Northern (Cherokee County): Pasture
and haylands 100 per cent.
Oats and cotton normal. Sweet potatoes,
100 per cent Too much f}“n, bhut not
enough to do any damage if it stops now.
“Southeast (Bryan County): Condition of
oats fair A few peanuts being planted.’
Fair crop of sweet potatoes. Good many?
velvet beans heing planted. 4
“Southwest (Early County): Oats andi
cotton good Peanuts only fair. Velvetj
hean good As a whole crop conditions,
look favorable. (Floyd County): Cottong
plants an inch high. Weather too cool.
Farmers here are not dependent on la.bor.":
ettt
'
Pullman Total Income
'
For Year $10,100,000.
Barnings of the Pullman Company dur-*
ing 1918 were revealed yesterday when ai
statement covering the yvear’s operationy
was filed with the Secretary of State ofy
Viassogiusetts It shows: Gross eperatingy
revengf, $49.967 146 operating |-x]mnflus.‘
$40,698 069; net revenue, §59.374,077; aux
iliary operations delicit $12.674; taxes*
$1.698,047; operating income $7,762,866 ;¢
other income, $2.340,178; total income,#
$10,103,.054 Dividends at the usual ruhu‘
called for $9.600,000 3
i i &
1
Stock Exchange Seat .
. .
At High Price of $85,000,
Memberships on the New York Stocky
Txchange sold for SBSOOO, which is theg
highest price recorded since 1910, Wht‘n‘
they changed hands at $94,000. This is
also $5,000 above the last previous sale. :‘
- ¥
s i
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